FUCK!

[Giovanni]

That's right I said it, FUCK!

Here I am.... looking at my financial situation and I'm thinking: FUCK! I'm screwed with this car!

Yeah... purchased my first new car and 8 months later I fucking regret it. Now I have a dilemma... do I keep making the car payments (With insurance/gas etc. it comes up to like 800$ or so per month....

Or do I sell the car at a loss? Shit... if I'm lucky I'll be coming up around 10k short....

Help? Advice?

[Kyonye]

What did you buy? Did you put anything down? What is your interest rate? is it fixed or variable?

If you bought the car brand new 8 months ago, the value on it shouldn't go down too much. If you can't make these monthly payments, your best bet is to sell it at a loss because then you know you only have a set amount of money left to spend on that car. Basically you will just have to cover the loan. no more insurance on that car or gas. Obviously I know if you bought another car, you would have to pay insurance and gas, but less of it hopefully.

You have to make sure you can afford the car long term before you buy it. with the information you gave, your best bet is to sell it.

[Giovanni]

I can afford it.... I just can't save up any money...

It's a ralliart 2009 mitsubishi. Fixed rate 0% interest. 3000$ trade-in on my old car... with tax the car came to 42k or something like that.

[Kyonye]

I'd still say sell it. If you really like the car, I'm sure you could find an older model for cheaper. It's not worth it when you can't save any money at all. There are too many things that can happen where you may need money and you obviously won't have it if you keep this car. My car cost me $20k, my payment is $250 and I personally think that is a lot. I'm selling it very soon, paying off the loan, and buying a cheap car.

[Baneblade]

If you bought it brand new, the value on it dropped like a rock the next day. Buy used.

[Hamma]

Yea a new cars value depreciates by a shitload the SECOND you sign the papers.. it's such bullshit. Be nice if they sold a car for what it was actually worth.

[Kyonye]

Find me a product that isn't sold for above its actual worth. This is the way life is. Fact is, very few products really are over priced. People need to make a profit to be survivable.

Take prices in New York City for instance. Sans the Happy Hour, beers will easily cost me $6-$9 per at any given bar. Why? You'd be amazed at the cost of running a bar in Manhattan. In order to rent out a location, Bar Owners will easily have to throw down $400,000 just to buy the lease, then pay $10,000-$15,000 a month in rent. Getting a Liquor License will cost you well over $100,000 with all the fees involved (you need a lawyer to help you out.). Then think of the insurance they have to hold on a bar. To open up a small bar in Manhattan, you will put down nearly $1 million. This is the reason prices are high. If it is also a restaurant, you have to pay employees as well.

Now on the other hand, my cousin opened up a bar in a well off suburb of Birmingham, AL. He paid $400 for the liquor license, and spent $10,000 to build the bar. He pays $2,000-$3,000 in rent every month. He has roughly 20 employees between bartenders, cooks, bus boys, waiters, etc. None of his employees are off the books, and they aren't 1099 so he has to share in paying their taxes.

How are his prices? FAR lower than Manhattan, but FAR more than you would expect because he has such overhead.

Running businesses are ass expensive. A single car dealer is a small business. Not all of them are owned by a large group. They need to make money. This is why brand new car prices are so high.

Yeah it sucks, but this is life. You can't always buy second hand shit.

[Hamma]

The value depreciation still blows hard

[Giovanni]

The value depreciation still blows hard

Tell me about it.